Week 1 Revision.ppt

Revision Week 1. Definitions framework Marketing Strategy Environmental Factors Market Research Market Segmentation, targeting, positioning and consumer buying behaviour Definition ACCORDING TO OUR TEXT: Marketing is the process of creating, distributing, promoting and pricing goods, services and ideas to facilitate satisfying exchange relationships with customers in a dynamic environment. Marketing Processstarts with the customer….. Customer needs and wants The marketing process Marketing outcomes Companies should define their products, not as what they make but, as what they do to satisfy their customers. The marketing concept states: All planning within an organisation should be customer-orientated. Marketing focuses on: Product Place (distribution) Price Promotion Marketing Mix Marketing occurs in a dynamic environment The Marketing Environment Competitive Economic Political Legal and regulatory Technological Socio-cultural It surrounds the customer, affects the Marketing Mix, can fluctuate quickly and dramatically, and is difficult to predict! Strategic Planning Process The process of establishing: organisational mission; formulating goals; corporate strategy; marketing objectives; marketing strategy and marketing plan. The Marketing Plan - contents Executive Summary Situation analysis SWOT analysis Marketing objectives Marketing strategies Marketing implementation and control The proposed plan has to be justified in financial terms The Marketing Environment External forces that directly or indirectly influence an organisation’s acquisition of inputs (people, financial, natural raw materials information) and creation of outputs (goods, services and ideas). Always fluctuating and always dynamic, they create uncertainty, threats and opportunities. Environmental monitoring is crucial to an organisation’s survival and long-term achievement of its goals! Collecting Research Data Data must be collected to help prove or disprove the